Institute for Market Economics

Bulgaria's Tax Freedom Day in 2021 falls on May 20, the latest date in 10 years, said the Institute for Market Economics (IME). Theoretically, the average Bulgarians have worked for nearly 140 days to pay off their tax bill and start earning for themselves.

In an interview for BTA, Institute for Market Economics (IME) senior economist Petar Ganev forecasts that in a good-case scenario, if in the summer Bulgaria has made significant progress with the COVID-19 vaccination campaign, thus removing concerns over a new shutdown of the economy in autumn, the country's GDP could grow by some 3 per cent in 2021 and even by 4 to 5 per cent in 2022.

Over the span of ten years - from 2009 to 2019 - the population of Sofia has increased by almost 80,000, economist Adrian Nikolov from the Institute for Market Economics said during an online presentation of an analysis of the economic and social development of the regions in southern Bulgaria.  

In the last ten years the regions of Gabrovo, Montana, Pleven, Lovech and Vratsa have lost almost a fifth of their population. Only Varna reports an increase in the number of people living there, but the growth is insignificant and is rather explained by the preservation of parity and keeping the human resource.

Bulgarians will work for the State for nearly 140 days in 2021, and the tax freedom day will not come until the end of May.

This year it falls on May 20, which is the latest date for tax freedom in more than 10 years. Traditionally, Tax Freedom Day is calculated by the Institute for Market Economics.

In 2020 tax freedom day was on May 15, and in 2019 - 18 May.

The district of Kardzhali in southern Bulgaria, has a higher migration population growth than Sofia. This is what a study by the Institute for Market Economics shows. This type of growth reflects on migration of people - new settlements minus people who left.

Today is the day of tax freedom, according to economists from the Institute for Market Economics. Experts say that if we have worked for the government till today, we have already redeemed the budget and by the end of the year we will work only for ourselves. Therefore, it is symbolically assumed that we are free from our financial obligations from the specified day.

Some cigarettes in Bulgaria already have new, higher prices. A reference in the public tobacco price register shows that many cigarettes brands are more expensive with 20 cents per box. Тhe appreciation is due to the pricing policy of the companies, not the changes in the excise duty. 

Trade relations between Bulgaria and Germany are better than ever. This confirms both the record of record trade between the two countries and the politicians - the recent visit of the German President Frank-Walter Steinmeier to Bulgaria.

Bulgaria ranked 46th out of 162 countries in the Fraser Institute's 2018 Economic Freedom Index. The survey is based on data from 2016, the last year for which official data is available for all countries. The results of the ranking were disseminated by the Institute for Market Economics (IME).